Best Times to Buy: Homes
Your home will likely be the most expensive item you’ll ever buy. Consequently, it is of utmost importance that you time your purchase right and learn the best time of year to buy a home. Of course, aside from the season, market conditions – like mortgage rates and the general state of the economy – will significantly impact the price of your new home as well. There is also no perfect time of year to buy a home. Some seasons will feature the lowest prices, but others will offer the greatest selection of homes to choose from. Here is a review of the best times of year to buy a home.
Winter
As the traditional slowest season for the real estate market, winter will generally bring the lowest prices on homes. As one of the few buyers on the market, you’ll also likely have an easier time negotiating for a better deal with a seller. Finally, the professional guiding you through the home-buying journey may be more available to work with you during this slower season and help make the overall process quicker.
Buying a home in the winter is not all fun and games, though. First, fewer homes on the market means slim pickings for you. If you’d like to have a wider selection of homes to choose from, winter may not be the best time for you to go house-hunting. Depending on the area of the country you live in, you’ll also be checking out homes and properties in less than ideal conditions. It can be challenging to inspect a roof or check out a home’s landscaping when they’re covered in snow and ice. You’ll also have fewer daylight hours to get a feel for the home’s true curb appeal and the amount of natural light that shines into the home.
Late spring
The real estate market really blossoms in the spring. This is the time of year you’ll see a large influx of new homes on the market and For Sale signs cropping up around your neighborhood like dandelions after a spring rain. The warmer weather and longer days are ideal for scouting properties, inspecting roofs and exteriors of homes and for getting a feel for a community. The rainy spring weather can also magnify any defects on the property, such as leaks and the presence of mold or mildew. You’ll also have a robust inventory of homes on the market to choose from and may have an easier time finding one that checks all or most features on your want list.
However, shopping for a new home during the warmer months of the year means competing with many other shoppers who may be interested in the same homes as you are. This can lead to higher prices, fierce bidding wars and the inability to negotiate with a seller for a lower price. You may also have less time to make a decision about a particular home for fear of losing it to another seller. Lastly, realtors and title agencies can be swamped during this time of year and may have less time to work with you, resulting in a lengthier buying process.
Early summer
Early summer is peak real estate season in the U.S., and often sees the highest level of homes sold of any time in the year. The weather is still warm and the days long, making for ideal home-shopping conditions. However, some areas of the country, like Florida, can have a slower market during the summer because the weather is unbearably hot and humidm .
Shopping for a home in the summer means shopping the homes that are left over from the influx in spring. You may have slimmer pickings, but sellers will also likely be more eager to sell before autumn and winter arrive. In addition to the desire to sell their home before peak season ends and there are fewer buyers on the market, the seller may want to move to their own new home and get their kids settled in before the start of a new school year. As summer deepens, these conditions will become more extreme and you’ll have even fewer homes to choose from, but a bigger chance at scoring a great deal.
There is no perfect time of year to buy a home, but winter, spring and early summer bring with them unique advantages to the home-shopper. Use this guide to learn the best times of year to buy a home.